Join Australia's most dynamic and respected property investment community

Do any of you self manage interstate?

Discussion in 'Property Management' started by TMNT, 19th Apr, 2016.

Tags:
?

Do any of you self manage interstate?

  1. Yes, Easy

    3 vote(s)
    15.8%
  2. Yes, but I wouldnt do it again

    0 vote(s)
    0.0%
  3. No,

    4 vote(s)
    21.1%
  4. No, and never will

    12 vote(s)
    63.2%
  1. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    1,384
    Location:
    Melbourne
    Just wondering, how many of you self manage????

    and it cant be rented out to a relative or a best friend, or a tenant who's been there since the stone age
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,141
    Location:
    Canberra and Sydney
    Nope - I like to enjoy life :)

    Cheers

    Jamie
     
    skater and Leo2413 like this.
  3. herenow

    herenow Well-Known Member

    Joined:
    16th Aug, 2015
    Posts:
    55
    Location:
    SA
  4. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,576
    Location:
    Adelaide, SA
    Even as a PM, we have PM's for our WA / ACT properties. Using a good PM will save you lots of time and headaches.
     
    skater likes this.
  5. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,675
    Location:
    Perth
    This is true if you can find one. In my experience they are few and far between.

    Take care in the wild west. I have seen a number of PMs breach the legislation. One who was managing the property next door had so many complaints against them they sold their rent roll and closed the business. The neighbours had Consumer Protection on speed dial and the officers got to know them by name. Shocking! :mad:
     
    Leo2413 likes this.
  6. Perthguy

    Perthguy Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    4,675
    Location:
    Perth
    Myself and my investment partner managed a property in Melbourne from Perth for nearly 10 years. I think there were 5 tenants during that time. No major issues. The first tenant did some damage, we took her to the tribunal and got a significant amount of bond to cover the damage. She was recommended by the selling agent who vouched for her personally. Big mistake on our part. That said, I don't consider taking a tenant to the tribunal a major issue.

    After that we selected agents to find tenants and vetted them more carefully. No issues with the other tenants. I found maintenance a breeze. For example, when the drains blocked I got a plumber out to fix the problem that day. I have seen the same problem take a couple of days with an agent.

    It's a business though, so you have to keep up to date with the legislation and follow it. Regularly inspect the property and issue breach notices where necessary. Keep proper records and take your tenant to the tribunal if you need to. Address any maintenance issues promptly. Regularly review market rent and adjust when necessary in accordance with the lease.

    It does take time and effort but sometimes dealing with a tenant can be easier than dealing with a property manager.
     
  7. Balman

    Balman Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    118
    Location:
    Perth
    [QUOTE="
    It does take time and effort but sometimes dealing with a tenant can be easier than dealing with a property manager.[/QUOTE]


    Have to agree with that , but like you said only sometimes. I have a property in a less desirable (as some would say) part of Tamworth . Inherited great tenants who would rather ring me and get any works done then the agent as getting the same works done would take forever via agent.

    But then there are the benefits of having an agent especially when you are not local and are having payment problems with tenants.

    So in my personal opinion I would stick to having an agent for interstate properties.
     
  8. htopg

    htopg Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    202
    Location:
    Sydney
    I manage two properties in Brisbane from Sydney.
    I asked local an agent to find tenants, do entry/exit condition reports, regular inspection and I just collect rent and arrange for repairs (hipages, serviceseeking).
    No issues so far.
     
  9. Nick Valsamis

    Nick Valsamis Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    504
    Location:
    Sydney
    This is the only way to do it, by semi-self managing.
     
  10. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

    Joined:
    14th Jun, 2015
    Posts:
    2,096
    Location:
    Sydney & Adelaide
    No, I didnt self manage even when the IP was 5 mins drive away. I have better things to do with my time, and mgmt fees are a cost of doing business.
     
    Mac Fields and skater like this.